Axon wins Best Business Launch award for Wuaki TV

Axon has won the Spanish Venture Capital Association (ASCRI)’s Best Investment award at their annual prize giving event. The award recognises the work involved in Axon’s investment of Wuaki TV.  

B2C video on demand service, Wuaki TV, originally became an Axon ICT I fund investment in the summer of 2011, with the intention of accelerating the company’s growth in Spain, as well as entering other territories, especially Latin America.

Thanks to Axon, Wuaki was able to increase its workforce and marketing power, which along with advanced technology and a swift time to market, resulted in the company quickly becoming Spanish market leader.

By June 2012 Axon had grown the company sufficiently for it to become an attractive acquisition prospect for Japanese electronic commerce giant, Rakuten, who began proceedings to buy 100% of Wuaki, as a means of entry and development for their European operations, thus boosting Wuaki’s IRR to over 400%.

Axon’s investment and subsequent exit of Wuaki was highlighted by ASCRI as a prime example of the effectiveness of the research driven approach employed in all Axon funds from AXON ICT I onwards. The approach aims to finance operations at each stage of the value chain in the fund’s focus sector. In the case of AXON ICT I: digital entertainment. With this strategy the fund has already achieved two disinvestments in 18 months and maintains an enviable IRR, with similar models being developed in newer India and LatAm focused funds.

At the ceremony held at Madrid’s Villa Magna hotel on July 4th, Axon was a clear favourite with the judging panel, formed of industry professionals and professors from IESE business school and the Universidad Complutense, Madrid, scooping the coveted accolade to add to Wuaki’s already long list of successes.

To read more about the 2013 Spanish Venture Capital Association Prizes (articles in Spanish), please follow the link: Expansión.

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